New York Times Company Sells Boston Globe

BREAKING NEWS Saturday, August 3, 2013 2:45 AM EDT

New York Times Company Sells Boston Globe The New York Times Company said on Saturday that it had agreed to sell The Boston Globe and its other New England media properties to John W. Henry, principal owner of the Boston Red Sox, returning the paper to local ownership after two decades in which it struggled to stem the decline in circulation and revenue. Eileen Murphy, a Times spokeswoman, confirmed that Mr. Henry would pay $70 million for the paper. That would represent a staggering drop in value for the Globe, which The Times bought in 1993 for $1.1 billion, the highest price paid for an American newspaper. READ MORE » http://www.nytimes.com/2013/08/04/business/media/new-york-times-company-sells-boston-globe.html?emc=edit_na_20130803&_r=0

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